Apple Pay to Launch in South Korea This Year Following Regulator Approval

After years of discussions with local authorities, Apple Pay in South Korea has been approved by the financial regulator, paving the way for the mobile payment system to launch in the first half of this year (via The Korea Herald).

Apple Pay Feature

"Having taken into consideration relevant rules and regulations and their interpretations, we confirm that credit card companies can push for the introduction of the Apple Pay service as they have obeyed necessary procedures," the Financial Services Commission (FSC) said in a release.

The FSC emphasized that credit card firms should not transfer fees arising from the use of ‌Apple Pay‌ to customers or shops, while calling for measures to ensure customer protection from such risks as the theft of personal information.

Market watchers initially expected the service to be launched late last year. But according to the report, experts now say that ‌Apple Pay‌ could be launched in the middle of the first half of this year.

Initial discussions on bringing Apple's digital payment system to the country began way back in 2017, but Apple struggled to gain registration as an electronic financial business operator while regulators investigated whether ‌Apple Pay‌ runs counter to local regulations and laws.

Negotiations around a possible launch also hit technical roadblocks because of South Korea's lack of wide NFC terminal adoption in retail stores at the time.

Adoption has increased since then, although the preponderance of Samsung smartphones in the country has allowed Samsung Pay to become the dominant payment method, therefore the launch of ‌Apple Pay‌ is expected to strengthen competition in the local mobile payment market.

Ever since its launch in the United States in 2014, ‌‌Apple Pay‌‌ has slowly expanded to more countries worldwide while at the same time expanding the list of financial institutions that support the feature. With ‌‌Apple Pay‌‌, users can easily add their credit or debit cards from supported banks to their iPhone and Apple Watch to make purchases at contactless payment terminals around the world. ‌‌Apple Pay‌‌ is also available on the Mac for web purchases.

Related Roundup: Apple Pay

Popular Stories

Generic iOS 19 Feature Mock Light

iOS 19 Rumored to Be Compatible With These iPhones

Sunday December 22, 2024 8:09 am PST by
iOS 19 will not drop support for any iPhone models, according to French website iPhoneSoft.fr. The report cites a source within Apple. The report said that iOS 19 will be compatible with any iPhone that is capable of running iOS 18, which would mean the following models: iPhone 16 iPhone 16 Plus iPhone 16 Pro iPhone 16 Pro Max iPhone 15 iPhone 15 Plus iPhone 15 Pro ...
m3 macbook air blue

Apple Accidentally Leaked the Next MacBook Air

Sunday December 22, 2024 8:33 am PST by
Apple earlier this month released macOS 15.2, and in doing so it accidentally confirmed new MacBook Air models coming next year. Apple accidentally released macOS 15.2 restore files for unreleased "‌MacBook Air‌ (13-inch, M4, 2025)" and "‌MacBook Air‌ (15-inch, M4, 2025)" models. While it no surprise that the 13-inch and 15-inch MacBook Air models were going to be updated with the M4 ...
iPhone 17 Slim Feature Single Camera 2 Redux

Top 5 Apple Products to Look Forward to in 2025

Friday December 20, 2024 2:22 pm PST by
It's looking like 2025 is going to be an important year for Apple, with the company planning to revamp the iPhone, push further into smart home products, and improve Apple Intelligence. There are tons of new products rumored for 2025, including new iPhones, M4 Macs, a smart home command center, and much more. We've highlighted the top five Apple products that will have the biggest impact in...
Generic iOS 18 Feature Real Mock

iOS 18.2.1 Update Coming Soon for iPhone

Saturday December 21, 2024 4:45 pm PST by
Apple appears to be internally testing iOS 18.2.1 for the iPhone, based on evidence of the software update in our website's analytic logs this week. The logs have accurately revealed many iOS versions before they were released. iOS 18.2.1 should be a minor update that fixes bugs and/or addresses security vulnerabilities, but it is unclear which specific issues might be resolved. The update...
Google Nest Hub 2

New 'HomePod' With 7-Inch Display, A18 Chip, and More Reportedly Launching Next Year

Saturday December 21, 2024 2:03 pm PST by
Apple plans to release a new "HomePod" with a 7-inch LCD display, an A18 chip, and Apple Intelligence support in 2025, according to DigiTimes. Google's Nest Hub It is unclear how much the screen-equipped HomePod would cost, but Apple is seemingly aiming for a reasonable price. In a paywalled report this week, the supply chain publication said Apple has selected China-based manufacturer Tianma ...
iPhone 16 Apple Store

iPhone Sizes Change Next Year: What to Know

Monday December 23, 2024 7:40 am PST by
This year, Apple tweaked iPhone 16 Pro screen sizes to make them bigger than 2023's iPhone 15 Pro models, and next year we are also expecting a change in the size of the displays in the iPhone 17 lineup. Here's what we know. Standard iPhone 17 Apple could introduce a new display size for the standard iPhone 17 model in 2025. The iPhone 17 could measure in at 6.3 inches, up from 6.1 inches,...
iphone 16 pro design cameras

iPhone 18 Pro Rumored to Be More Like DSLR Camera With This Upgrade

Monday December 23, 2024 6:24 am PST by
While the iPhone 18 Pro and iPhone 18 Pro Max are still nearly two years away from launching, a new feature has already been rumored for the devices. In a blog post today, Apple supply chain analyst Ming-Chi Kuo reiterated that the main rear camera on both iPhone 18 Pro models will offer variable aperture, which would be a first for the iPhone. The main camera refers to the 48-megapixel...
apple tv 4k yellow bg feature

New Apple TV Rumored to Launch Next Year With These Features

Tuesday December 17, 2024 9:02 am PST by
The current Apple TV 4K was released more than two years ago, so the streaming device is becoming due for a hardware upgrade soon. Fortunately, it was recently rumored that a new Apple TV will launch at some point next year. Below, we recap rumors about the next-generation Apple TV. Bloomberg's Mark Gurman last week reported that Apple has been working on its own combined Wi-Fi and...

Top Rated Comments

fatTribble Avatar
25 months ago
Always happy to see Apple Pay expanded to other countries!
One of my favorite features! ?
Score: 4 Votes (Like | Disagree)
coffeemilktea Avatar
25 months ago
Born too late to explore the seas, born too early to explore the stars, born just in time to pay for spicy KBBQ with my phone. What a time to be alive. ??️
Score: 3 Votes (Like | Disagree)
Cristim74 Avatar
25 months ago

Where is this? When did you get Apple Pay and when was it dropped? Was it explained why?
Most likely Russia. It was suspended in March 2022 due to the war with Ukraine.
Score: 2 Votes (Like | Disagree)
East India Company Avatar
25 months ago
Hopefully there will soon be a virtual T-Money card for public transportation like the virtual Suica in Japan. Been waiting for this for a loooonnng time
Score: 2 Votes (Like | Disagree)
Robert.Walter Avatar
25 months ago

That's a W for Koreans. In my country we used to have Apple Pay and everyone got so accustomed to it, but now do not have it and it's a pain in a back. Banks now have to produce NFC stickers which would be put on the back of the phones and imitate that experience.
Where is this? When did you get Apple Pay and when was it dropped? Was it explained why?
Score: 1 Votes (Like | Disagree)
DelayedGratificationGene Avatar
25 months ago
I absolutely love Apple Pay. It’s as big a jump as going from cash to Cc. It’s barter, cash, credit cards and now Apple Pay
Score: 1 Votes (Like | Disagree)